Jim Cramer: Adobe Is the Hottest Stock in Silicon Valley

Shares of Adobe Systems Inc. (ADBE) were on the move Friday, closing higher by 3.05% to $225.55.

The stock hit another new all-time high in Friday's session following its earnings and revenue beat on Thursday after the close. "This is the hottest stock in Silicon Valley," TheStreet's Jim Cramer said on CNBC's "Mad Dash" segment.

Adobe now sports a market cap of nearly $110 billion. That makes some of the company's recent results even more incredible, with Cramer pointing out that operating income grew 50% year-over-year while net income jump 46% year over year, both in GAAP results.

The company's subscription model is one of the best and it's riding an incredible wave of momentum in the commerce cloud industry. Adobe's products are incredible, Cramer continued, saying that most people who work in creative computing seem to prefer its products.

People are "in awe" of Adobe and CEO Shantanu Narayen has done an amazing job at the helm, he concluded.

Adobe stock is up 85% over the past 12 months and almost 200% over the past three years. Already the stock has garnered several new price targets between $250 and $260. The highest target comes from Kash Rangan of Merrill Lynch, who assigned a $273 price target. The target implies more than 20% upside from current levels.

At the time of publication, Cramer's Action Alerts PLUS had no position in any security mentioned.